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  Elements of the Business Review

Introduction to Elements of the Business Review

  • The nature of the business

This part of the review should explain the environment under which the business operates. As may be imagined, this can cover up a broad range and may involve a commentary on key operational matters like the business processes, products sold, business structure and competitive position. It can also involve a commentary on the legal, social and economic environment.

This section should also explain the aims of the business and the strategy adopted to get those objectives.

At last, this part of the business review should involve a commentary on the key performance indicators (KPIs) employed to assess the success of the business strategy. KPIs will differ between businesses but will generally include a combination of financial and non-financial measures. Key financial measures might be relies on sales revenue growth, total shareholder return, profit, dividends and so on. Key non-financial measures might relate to market share, product quality, supplier satisfaction, employee satisfaction and so on.

  • Business performance

This section of the review refers the performance and development of the business for the year and for the future. It should involve comments on anything influencing performance, like changes in market conditions or the launching of latest products or services. It should also recognize trends and anything else that may influence future prospects.

  • Resources, risks and relationships

This section should observe on the resources of the business and in what way they are managed. The resources that were discussed should not be confined to items displayed in the statement of financial position and may involve such types of things as corporate reputation, patents, brand names, market position, trademarks and the quality of employees.

This part should also involve comments on the major risks and uncertainties facing the business and in which way they are managed.

  • Financial position

This final section of the business review should explained events that have affected the financial position of the business throughout the year and those that are possible to influence the business in the future. It should also involve a discussion of the capital (financial) structure, liquidity and cash flows of the company.

The quality of business reviews

Business reviews are still at a premature stage of development and problems regarding their quality are, may be to be supposed. A main risk is that these reports will paint too rosy a picture. If they are to be helpful, managers must oppose this temptation and must be honest about any failings. Though, in a world in which there is no real incentive for managers to behave like this way and no independent scrutiny, we should not be shocked if this does not take place.

In 2006, the ASB performed a survey of narrative reporting practice. Usually, it found that businesses given a good account of the nature of the business and its markets and of their business strategy and aims, but the reporting of principal risks, KPIs and the resources of the business needed enhancement. Though, the main problem area for businesses was the reporting of forward-looking information.

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